Iberdrola Enlarges Presence in UK Renewable Energy Market
A Brief Summary
Iberdrola, a multinational electric utility company, based in Spain, announced that it would diversify its business in the UK's sustainable energy market by acquiring solar photovoltaic projects with a capacity of more than 800 MW.
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The agreements were completed by Iberdrola's UK subsidiary ScottishPower, with 12 projects bought from Elgin Energy and the remaining 5 projects acquired by Lightsource BP. Iberdrola's market share in the solar PV industry will increase from 2% to 9% as a result of the agreements.
Iberdrola has chosen the UK market as a significant target for the expansion of its renewable energy capacity. In October, announced a £10 billion investment in the UK through 2025, intending to double renewable power capacity and accelerating decarbonization.
The UK projects are part of Iberdrola's €75 billion capital plan, which was announced in late 2020 and involves significant renewable energy expenditures over the following several years, with the firm expecting to almost double its renewables capacity by 2025. The investing strategy focuses mostly on markets in Spain, the United Kingdom, and the United States. The corporation plans to invest €150 billion over the next ten years, increasing renewable energy capacity and doubling network assets.
With a total expenditure of almost €600 million, the recently purchased solar PV projects in England, Scotland, and Wales are projected to be operational by 2025.